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Thursday, Jun 20, 2024

North Hills Apartments Fetch $2.3 Million

A 16-unit apartment building in North Hills has sold for $2.3 million, or more than $184 per square foot. The deal marks the third-highest per square foot price paid for an apartment property in the North Hills market, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc., which arranged the deal. LBC Asset Management was the buyer. The single-story building, located at 15252 Nordhoff St., was built in 1963 and is a mix of one- and two-bedroom units, according to real estate activity tracking database CoStar Group Inc. Rick Raymundo, vice president of investments for Marcus & Millichap, represented both parties in the sale. The property received 10 offers. LBC paid more than $40,000 above the original asking price, Marcus & Millichap said. “The buyer recognizes that there is still plenty of rent upside available in Nordhoff and is prepared to complete the upgrades necessary to help capture it,” Raymundo said.

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